WILLIAM DONALD SCHAEFER, Governor                         Ch. 435

bonds, all as may be determined and prescribed in the aforesaid resolution, which may
(but need not) state as security for the performance by the County of any monetary
obligations under such agreements the same security given by the County to bondholders
for the performance by the County of its monetary obligations under the bonds.

In case any officer whose signature appears on any bond ceases to be such officer
before delivery, the signature shall nevertheless be valid and sufficient for all purposes as
if the officer had remained in office until delivery. The bonds and their issue and sale
shall be exempt from the provisions of Sections 9, 10, and 11 of Article 31 of the
Annotated Code of Maryland as effective from time to time.

If the County determines in the resolution to offer any of the bonds by solicitation
of competitive bids at public sale, the resolution shall fix the terms and conditions of the
public sale and shall adopt a form of notice of sale, which shall outline the terms and
conditions, and a form of advertisement, which shall be published in one or more daily or
weekly newspapers having a general circulation in the County and which may also be
published in one or more journals having a circulation primarily among banks and
investment bankers. At least one publication of the advertisement shall be made not less
than ten (10) days before the sale of the bonds.

Upon delivery of any bonds to the purchaser or purchasers, payment shall be made
to the Treasurer of Dorchester County or such other officials of the County as may be
designated to receive payment in a resolution passed by the Board of County
Commissioners of Dorchester County before delivery.

SECTION 4. AND BE IT FURTHER ENACTED, That the net proceeds of the
sale of the bonds shall be used and applied exclusively and solely for the public school
capital improvements for which the bonds are sold. If the net proceeds of the sale of any
issue of bonds exceeds the amount needed to finance the public school capital
improvements described in the resolution, the excess funds shall be applied to the
payment of the next principal maturity of the bonds or to the redemption of any part of
the bonds which have been made redeemable or to the purchase and cancellation of
bonds, as the County may determine to be in its best interest, unless the County shall
adopt a resolution allocating the excess funds to other bridge such improvements.

SECTION 5. AND BE IT FURTHER ENACTED, That the bonds hereby
authorized shall constitute, and they shall so recite, an irrevocable pledge of the full faith
and credit and unlimited taxing power of the County to the payment of the maturing
principal of and interest on the bonds as and when they become payable. In each and
every fiscal year that any of the bonds are outstanding, the County shall levy or cause to
be levied ad valorem taxes upon all the assessable property within the corporate limits of
the County in rate and amount sufficient to provide for or assume the payment, when
due, of the principal of and interest on all the bonds maturing in each such fiscal year
and, in the event the proceeds from the taxes so levied in any fiscal year prove inadequate
for such payment, additional taxes shall be levied in the succeeding fiscal year to make up
any such deficiency. The County may apply to the payment of the principal of and interest
on any bonds issued hereunder any funds received by it from the State of Maryland, the
United States of America, any agency or instrumentality of either, or from any other
source, if such funds are granted for the purpose of assisting the County in financing the
public school capital improvements defined in this Act and, to the extent of any such

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